For Western firms, the risk of leaving Russia could be higher than staying

Key Facts

• The Russian market is a dangerous one to remain in for Western companies, and as the window to leave shrinks, they risk getting caught in a geopolitical crossfire.
• In a recent statement in which it committed to leave the country, it said, “recent developments in Russia in summer 2023 [including the nationalization of major Western companies] demonstrate that it is even more challenging for businesses to secure exit approval.”
• Western companies that remain in the country are able to continue doing business because, despite sanctions, numerous transactions and activities are still authorized.
• “As part of the ‘smart’ sanctions approach, the civilian and humanitarian sectors are not targeted, and many Western companies continue to operate in these sectors,” Shagina told CNBC.

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